Bakken Update: Good Quarter For Triangle
Triangle Petroleum (TPLM) put together a very good quarter, but didn't get rewarded as its stock traded up early, but pulled back on Thursday. This stock has had a very nice move since dropping below $5/share in late June. Triangle beat on the top and bottom lines, which shows us this company is well run for its size. Yesterday was better as an upgrade pushed Triangle's stock up and finished at $7.33.
There were several big issues going into the second quarter earnings announcement. Triangle had missed EPS estimates for four quarters in a row. These were large misses in three of those quarters. This had created some downside pressure on Triangle's stock price and created negative sentiment. Beating estimates in the second quarter could go a long way to remedying this. Production numbers and Rockpile Energy Services helped to increase revenues even with oil prices down in the quarter. Production for the second quarter was 103000 barrels of oil equivalent. This was 400 Boe/d more than expectations. Rockpile accounted for more than one fourth of total company revenues. Rockpile isn't the only story as Triangle is an integrated company, as it also formed Caliber Midstream.
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